Is 80D Deduction the Only Way to Save Tax for Insurance Holders

livemint.com:

80D deduction works for you and its eligibility. 80D deduction is a section of the Income Tax Act that allows taxpayers who make payments for health insurance to get a deduction. Single policyholders and Hindu Undivided Families in this part can save a certain amount of money on taxes for health insurance payments.

This includes those who paid for your own medical insurance or that of your husband or wife, children who rely on you, and parents. The 80D deduction limit varies depending on the age of the insured individuals. This deduction applies to premiums paid for: The maximum deduction amount under 80D deduction depends on the age of your parents.

Who is Eligible for the 80D Deduction? The following expenses are allowed as an 80D deduction: Individual or HUF taxpayers can claim 80d deductions for the insurance premiums paid for: An individual or HUF can claim a deduction under Section 80D for the following payments: Section 80D offers an engaging blend of tax savings and healthcare encouragement. By limiting your viable income, it puts more money back in your pocket. At the same time, it encourages you to buy healthcare for yourself and your family by enabling preventive care as well as financial aid in medical emergencies.

Are you buying a medical policy for yourself and your family members? Canara HSBC Life Insurance can be your insurance provider. They have become one of the top insurance providers in the market due to their flexible payment options and reasonably priced insurance portfolio. They also have an excellent customer service channel that makes the process of choosing and purchasing insurance simple.